The Monetary Authority of Singapore has issued digital token service licenses to about 30 payment companies

ChainCatcher news, according to Bloomberg, about 30 payment companies have currently obtained digital token service licenses issued by the Monetary Authority of Singapore, including the American companies Coinbase and Ripple, as well as Hong Kong-based Futu. Additionally, the Singapore central bank is experimenting with a digital Singapore dollar.

With the U.S. approving spot ETFs for Bitcoin and Ethereum, Generation Z and even the Baby Boomer generation are increasingly accepting that cryptocurrency trading can become mainstream. According to a survey by the exchange Independent Reserve earlier this year, about 40% of Singaporean investors own cryptocurrency.

Analysis indicates that with Trump returning to the White House and promising to usher in a new era supportive of the crypto industry, this could bring returns to Singapore in 2025.